The Federal Government says the removal of petrol subsidy and reforms in the foreign exchange market generated an additional N15.8tn for the Federation between June 2023 and December 2025.

Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed this on Wednesday while presenting the government’s reform scorecard, titled “The Benefits, Costs and Harm Prevented,” at a media briefing.

Oyedele explained that the N15.8tn did not appear in the Federation Account as a distinct “subsidy savings” entry, but was reflected through increased revenue collections following the reforms.

He said the removal of petrol subsidy and changes to the foreign exchange system increased the naira value of revenues collected by government agencies and subsequently accruing to the Federation.

The minister cited customs duties as an example, explaining that revenues tied to dollar-denominated imports generated significantly higher naira amounts following the adjustment in the exchange rate.

He similarly pointed to increased naira receipts from Petroleum Profit Tax as another channel through which the benefits of the reforms were reflected in Federation revenues.

Oyedele said the additional resources were therefore visible through higher collections rather than through a separate account specifically labelled subsidy savings.

According to him, the reforms also benefited states and local governments, which received a larger share of the additional resources distributed through the Federation.

The minister stressed that the N15.8tn should not be attributed solely to the removal of petrol subsidy, noting that the foreign exchange reforms also played a significant role.

He argued that the previous foreign exchange regime effectively provided an implicit subsidy that did not primarily benefit ordinary Nigerians or manufacturers but created opportunities for rent-seeking.

Oyedele said the combined reforms had therefore altered the structure of government revenues and reduced distortions associated with both the petrol subsidy and the former foreign exchange regime.

The disclosure comes amid continued questions over the destination and impact of savings following President Bola Tinubu’s decision to end the petrol subsidy in May 2023.